seriously considering renouncing my US citizenship after 12 years abroad and i have no idea where to start with the tax side of it
been living in australia for 12 years now, have permanent residency here, and am seriously thinking about renouncing my US citizenship. not for any dramatic reason, just practical ones. the compliance burden of being a US citizen abroad is significant, FBAR filings, annual tax returns regardless of income, FATCA complications with local banks, and now thinking about what happens when i retire here. i understand there is an exit tax process and that the renunciation itself has to be done at a US consulate but the tax side of it is completely opaque to me. i've heard about form 8854 and the concept of being a covered expatriate but i genuinely do not understand what any of it means for my specific situation. has anyone actually gone through the renunciation process and can speak to what the tax preparation side actually involves? specifically what a specialist does versus what you can figure out yourself.